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Pricing has moved with the times. Pricing professionals now have to dig deeper into buyers' thought processes to understand what will persuade them to make a purchase.

We all continue to enjoy acquiring new stuff but we've become much more canny about when and where we spend our hard-earned cash. Your potential customers now need to believe they're getting a good deal by buying your product.

Pricing strategy can be challenging, complex - and offers no shortcuts. Unfortunately there is no magic wand to wave nor just one pricing strategy that will produce the greatest profits under ALL conditions.

To discount or not to discount? Now that's a question that has troubled many companies over the years. Discounting might at first seem like a jolly good idea to draw in customers who will buy in larger quantities and increase your profits but it cannot ever be seen as a viable long-term strategy and should only really be considered as a short-term "fix".

Competition is the norm, not the exception in a free market - and that competition will affect how you price.

Just take a look at the UK grocery market and how it has become increasingly competitive in the past few years. The growing strength of discount giants like Aldi and Lidl have really shaken things up. Pound shops are also gaining market share and nibbling away at the precious margins of the big supermarkets.

Do you overlook the importance of pricing? Too few companies proactively manage pricing and their profits suffer as a consequence. Even with the newfound efficiency acquired from using pricing software, there’s one thing your sales team still needs to catch buyers: a good pricing strategy.

Pricing has had to move with the times – Smartphones and tablets have forced pricing professionals to move on from ancient pricing models. They have had to dig deeper into buyers' thought process to understand what will persuade them to make that purchase.